The program includes specialized classic car coverages and pricing models that account for the reduced accident frequency often associated with collector vehicles.
PRODUCT: OpenRoad Collector Vehicle Insurance
COMPANIES: OpenRoad is an insurer and is capitalized by majority investor Griffin Highline Capital LLC.
BEST RATING: A+
AVAILABILITY: Available on an open-brokerage basis. Agents can register on OpenRoad.
FOCUS: New classic and modern collector vehicle insurer OpenRoad has begun offering coverage across select U.S. states, providing more choice and cost relief for many collector vehicle owners. The new to market insurer promises modern and streamlined digital experiences, superior coverage, and better pricing at a time when many drivers are paying 22% more for auto insurance than they did just a year ago, according to the U.S. Bureau of Labor Statistics.
OpenRoad was founded by a seasoned team of collector vehicle and insurance experts with previous roles at Progressive, Hagerty and Chubb. Their program was built from the ground up and is tailored to the unique needs of collector vehicle owners with specialized coverages and pricing models that account for the reduced accident frequency often associated with collector vehicles, resulting in lower insurance rates for their owners.
“When developing our program, we examined all the contributing factors that were causing these rate hikes," explained Mark VanDam, chief underwriting officer, OpenRoad. “In the process, we identified several opportunities for us to build a better program, one that passed more savings along to our customers and provided the specialized coverages they need."
COVERAGE DETAILS: Agreed value coverage allows OpenRoad and the policyholder to agree upon a predetermined, fixed value for the insured vehicle based on its condition, rarity and true market value. The policy also includes a windshield deductible waiver, which means that the windshield can be repaired or replaced without the owner having to pay a deductible.
The policy includes several other coverages that are unique to the classic car insurance market, including tools coverage, roadside assistance, temporary storage cost reimbursement in the event of a natural disaster, vehicles under construction coverage, automatic coverage for new collector purchases, retained salvage, and repairs performed with original equipment manufacturer (OEM) parts coverage.
UNDERWRITING: Vehicles insured with OpenRoad must be for pleasure use and cannot be used as a regular use daily driver. Insured vehicle use is limited to less than 5,000 miles per year. Policies are limited to values up to $300,000 per car and $500,000 per collection.
MINIMUM PREMIUM: $125 per year.
TARGET: Collector vehicle owners.
COVERAGE AVAILABILITY: AR, IL, IN, LA, MN, MO, NM, OH, OK, and WI.
CONTACT: Agency success team; 866-208-1961.
Will Jones is IA editor-in-chief.
